Inflation Reduction Act 2022

Last Update:2022-11-28

Summary

Providing $369 billion for renewable energy, electric vehicles and other climate-related energy projects would help the U.S. cut its carbon emissions by about 40% by 2030.Sec. 60506 Low-Carbon Transportation Materials GrantsAllocates USD 2 billion to the Federal Highway Administration to encourage the use of lower-emissions materials in highway construction and to disincentivise additional lanes for single-occupant passenger vehicles. The Administrator of the Federal Highway Administration will use these funds to either incentivise the use of or reimburse recipients for the higher cost of lower-emissions materials.Sec. 60104 Diesel Emissions ReductionsAllocates the Environmental Protection Agency (EPA) with USD 60 million to reduce emissions from diesel used in goods movement and to ameliorate the health consequences of these emissions on disadvantaged communities.Sec. 60102 Grants to Reduce Air Pollution at PortsAllocates USD 3 billion in funding for rebates and grants to expand the use of zero-emission technologies at ports and to create climate action plans for ports.Sec. 60101 Clean Heavy-Duty VehiclesAllocates USD 1 billion to fund the uptake of zero-emission vehicles, including grants and rebates to cover the cost of replacing traditional vehicles, to expand and maintain necessary infrastructure for zero-emission vehicles, and to cultivate a sufficient workforce for the maintenance of zero-emission vehicles. Sec. 50142 Advanced Technology Vehicle ManufacturingAllocates USD 3 billion for providing direct loans to support the expansion of US manufacturing capacity of low- or zero-emission vehicles.Sec. 40007 Alternative Fuel and Low-Emission Aviation Technology ProgramAllocates USD 300 million for grants to support the development and application of low-emission aviation technologies, especially fuels, in the U.S. Sec. 13704 Clean Fuel Production CreditAllocates USD 1.96 billion for domestic clean fuel production tax credits beginning in 2025, including for sustainable aviation fuels. Sec. 13403 Qualified Commercial Clean VehiclesCreates a tax credit up to USD 40 000 (or USD 7 500 for vehicles weighing less than 14 000 pounds) for the purchase of certain commercial clean vehicles.Sec. 13402 Credit for Previously-Owned Clean VehiclesCreates a tax credit for up to USD 4000 or 30% of the cost of purchasing a pre-owned clean vehicle.Sec. 13401 Clean Vehicle CreditEstablishes a Clean Vehicle Credit of up to $7,500 per vehicle to incentivise and accelerate the adoption of electric vehicles. E View Details >

Details

Country

America

Year

2022

Type

Regulation/Act

Keywords

Subsidies,New Energy Vehicles

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